Business /commercial law revision kit question and answer

(a) In relation to the law of property:
(i) Enumerate the characteristics of a joint tenancy. (4 marks)
(ii) State the various ways in which a lease agreement may be determined.
(6 marks)
ANSWER
• Joint tenancy is a situation in which property is owned two or more persons.
• The property enjoys all the properties of a single proprietor.
• It is characterized the “four unities” i.e.
o Unity of title
o Unity of possession
o Unity of interest
o Unity of time
• It is also characterized the right of survivorship i.e. jus accrescendi i.e. proprietary rights of a deceased proprietor devolves upon the survivors.

(ii)
• Notice – applies to leases for undefined duration.
• Effluxion of time or expiration of time.
• Forfeiture –under the forfeiture clause or breach.
• Surrender –to the immediate landlord.
• Merger –tenant acquires the reversion, the lease and reversion must be vested in the same person.

• Enlargement –a lease may enlarge to a fee simple if the tenant executes a deed of enlargement.
• Becoming a satisfied term: if a lease is granted as a security for the payment of money, the term becomes satisfied and the lease automatically ceases when all the money has been paid.
• Disclaimer: a right to disclaim a lease arises only statute. The effect of a valid disclaimer is the same as if there had been a surrender.
• Frustration: in National Carriers Ltd. V. Panalpina Ltd (1981)the House of Lords held that the doctrine of frustration can apply in a rare case to a lease of land so as to bring the lease to an end.



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